Public Infrastructure & Capital Financing

Public Project Revolving Fund

The Public Project Revolving Fund (PPRF) is the New Mexico Finance Authority’s flagship program created in 1992 to assist a wide range of public entities in accessing the capital markets at low or below-market interest rates.  

The PPRF is used to finance public projects such as infrastructure improvements, road projects, water system upgrades, fire and law enforcement equipment, public buildings, hospitals and healthcare facilities, electric and broadband utilities, quality of life projects, and more. The PPRF provides both market-rate loans and loans to disadvantaged communities at subsidized rates.

As a credit enhancement, NMFA’s share of Governmental Gross Receipts Tax (GGRT) enables the PPRF to maintain adequate lending capacity and to remain highly rated in the bond market. NMFA uses available funds to make loans to borrowers and then replenishes the PPRF by issuing tax-exempt bonds secured by the PPRF loans made to qualified entities and the annual GGRT receipts.

NMFA serves a diverse range of borrowers and finances a wide range of project types.  This diversity, coupled with the annual receipt of GGRT, helped the PPRF attain the highest bond ratings, offer low costs of issuance for borrowers, and subsidize interest rates on loans to disadvantaged entities.  The PPRF’s advantage is the ability to offer its borrowers the PPRF’s ‘AAA’ interest rates and pass along the savings to New Mexico’s communities.  Communities are then able to maximize limited public dollars to use in public projects due to lower interest rates. Since the inception of the program through October 31, 2022, NMFA has made 2,091 PPRF loans totaling $4.52 billion.


Applicants:  Local governments, including tribal entities and charter schools

Projects:  Infrastructure, building and capital equipment projects

Terms:  Loans of up to 30 years, based upon the useful life of the project, offered at low, fixed interest rates

Application Deadlines: PPRF applications are due two weeks prior to the day after an NMFA board meeting in order to be reviewed at the NMFA board meeting held the following month. Exact deadlines can be found here.

Other:  Entities in communities whose median household income is less than the state’s median household income are eligible to receive 0% or 2% interest rates for up to $500,000 per entity per fiscal year, subject to availability of funds.


Renew Your PPRF Legislative Authorization
PPRF Loan Rates
PPRF 2024 Application Deadlines
PPRF 2024 Legislative Authorization List
PPRF 2023 Legislative Authorization List
PPRF 2022 Legislative Authorization List
PPRF Application Resolution
Enrollment Form: Invoices and Activity Statements
PPRF Building Application

Construction, purchase, or renovation of a building

PPRF Equipment Application

Fire equipment, police equipment, sanitation, and more

PPRF General Obligation Application
PPRF Infrastructure Application

Roads, water, wastewater, and other infrastructure needs of a community

PPRF Solid Waste Application

Transfer station, landfills, and other solid waste uses

For more information about the Public Project Revolving Fund, contact your Regional Finance Manager below or email

John Brooks, Chief of Programs

Ron Cruz, Managing Director of Lending

Carmela Manzari, Lead Finance Manager

Regional Finance Managers 

Ryan Olguin

Mark Montoya 

Todd Nordby